Scotland bids for Japanese investment

Japanese companies are being urged to embrace the investment opportunities offered by Scotland`s “green” economy.

During a three-day tour of Japan, Scotland`s Finance Secretary, John Swinney, set his sights on improving business links between the two countries.

Giving a speech at Tokyo University, Mr Swinney urged delegates and students to embrace an “exchange of expertise”.

He continued: "We have set ourselves one of the most challenging targets in Europe for electricity from renewable sources – 50 per cent by 2020 – and we want to work with innovative and groundbreaking partners in reaching this goal and providing the rest of the world with the technology to make the transition to renewables easier.

The Scottish Government has released figures that show £60 million worth of inward investment by Japanese firms since 2003. Meanwhile, exports from Scotland to Japan rose from £260 million in 2003 to £400 million in 2007.

“These are strong figures but should be viewed as a foundation to build on,” Mr Swinney said. “With signs that the Japanese economy will enjoy some positive GDP growth in the second quarter of 2009, now is an ideal time for Scotland to capitalise on the strong ties between the two countries that already exist.

"That stretches through areas like life sciences and financial services.”

The development of offshore wind farms is just one of the many wave and tidal energy opportunities, Mr Swinney said. "This represents a major investment opportunity for Japanese companies and the chance to gain expertise in the development and operation of offshore wind farms," he added.

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